Rent vs. Buy

No Strings Attached

In the event that you would need to unexpectedly move, it’s a bit easier to do so when renting. The reason being, you wouldn’t have to worry about selling your home and you could pick up your belongings and move once your lease ends.

Flexibility

Owning a home = you have the freedom to make it your own. Wait, I thought to rent I could kind of do that also? Well, you can to an extent, depending on approval from your landlord. But, with owning a home, freedom truly is yours.

Responsible for Break/Fix Issues

So, this could really go both ways when you’re a homeowner. You can look at it as a positive or a negative. For the glass half full approach, being responsible for break/fix issues is a great way to learn all kinds of new skills to put in your toolkit. Plus, it can feel really good to say you fixed something all on your own. For the glass half empty approach, some things you really won’t be able to fix or you don’t care to learn how to fix, so it can get rather costly having to hire someone to correct these issues. But, as a renter, you don’t have to worry about this as much Just a quick phone call to your landlord and your problem will hopefully be taken care of.

Responsible for property taxes

This just comes with the territory. When you purchase a home, property taxes come with it, hand-in-hand. Thus, if you are looking to cut down on monthly cost and not have this responsibility, then renting is your best bet.

Build Equity

You know the saying, “You have to spend money, to make money.” Well, that saying is spot on when you purchase a home because as you pay your mortgage each month, you’re increasing your equity. The price at which your house will sell minus what you still owe is what makes up your home equity. So, pay now and likely benefit later.

At the Mercy of the Market

As a renter, you don’t really have to worry about this that much. However, it can affect the cost of rent prices, which can be tough if you’re on a tight budget, or if you just simply don’t want to pay more to rent a home. But, as a homeowner, this is something to consider. When you purchase a home, you hope that one day you will see a return on your investment, but the market ultimately determines that. However, the market is constantly changing - it just requires patience to see the outcome you’re looking for.